By
Steve Muchoki
April 19th, 2024
A gallery, an NFT minter, and other modules are expected to be built for the newly announced platform.
Coinsilium Group Limited is a crypto and open finance project building platform that develops and deploys blockchain-based products and services. It was the first blockchain company to go public in 2015. Using its experience and wide network, it has invested in successful and leading blockchain ventures such as RSK/IOV Labs, Blox, Indorse, etcetera. Coinsilium’s shares are now traded on the OTCQB Venture Market in New York and the AQSE Growth Market in London under the ticker symbols “CINGF” and “COIN,” respectively.
NFT on Bitcoin Marketplace Development Announcement
Coinsilium announced on May 11, 2021, that Nifty Labs, which is one of its subsidiaries, is going to start the NFT on Bitcoin marketplace production. The RSK blockchain will power this marketplace, and Nifty Labs has partnered with Indorse to create the NFT (Non-Fungible Token) project, and it will be based on the Bitcoin network.
Project Highlights
On March 2, 2021, Coinsilium publicly revealed that Nifty Labs Limited had signed an MoU (Memorandum of Understanding) with Indorse, which is a Singapore-based organization in which Coinsilium owns a ten percent stake. The MoU was done to build a relationship between Nifty Labs and Indorse in order to open a studio in Gibraltar for the production of NFT on the Bitcoin project.
Coinsilium later also announced on March 22, 2021, that a 250,000 GBP has already been provided to the Nifty Labs as initial working capital. A portion of this initial capital was set aside for the rapid production and commissioning of Nifty Labs’ first NFT platform solution. The project’s technological aspects will be managed by Indorse, under the guidance of Indorse CEO Gaurang Torvekar and Nifty Labs tech chief.
At first, all project details were initially kept confidential because of the current commercial sensitivities. Coinsilium officials, on the other hand, are now more than willing to publicly announce the project’s initial information.
Details of the NFT Marketplace Development
According to the preliminary development requirements for the NFT on Bitcoin project, it will be an all-encompassing, diversified, and general-purpose marketplace powered by RSK. It will provide crypto users with a more cost-effective minting as well as transacting experience. A project manager, a builder, and three developers have already been assigned to the project, and they will be working on the initial commissioning and building process.
A gallery, an NFT minter, and other modules are expected to be built for the newly announced platform. One of the most relevant future plans is that the system will be able to exchange NFTs for alternative tokens based on RSK technology, such as:
- MOC (Money on Chain) governance tokens
- RIF
- RBTCD (RSK Bitcoin), which is pegged to bitcoin utilizing a two-way peg which is known as Powpeg
- DOC (Dollar on Chain)
- RDOC (Rif Dollar on Chain)
Coinsilium also announced that the project’s initial build would primarily focus on the popular and common NFT categories, such as sports, gaming, digital art, 3D avatars, music, virtual land parcels, and so on. To put it another way, the capabilities of the “NFT on Bitcoin” marketplace would be quite similar to those of many other famous NFT marketplaces. Future developments might also have various features that’ll allow the users to interact with different blockchain protocols of layer one and layer two.
The Information About the Development Time
According to the RSK team, the development work will be prioritized on an NFT token bridge as a complement to its existing fungible token bridge. It will enable RSK blockchain standard NFTs to migrate to other blockchain standard NFTs, such as the Ethereum ERC721 standard.
The technical aspects of the marketplace are expected to take up to six months to evolve and introduce. External influences frequently influence the completion and delivery of full technical functionality. The completion and activation of the NFT Token bridge are undoubtedly the most important, and more detail will be made available to the market regarding this.
Eddy Travia’s Views on the Initial Development Plans
Coinsilium’s CEO, Eddy Travia, stated that publishing the NFT’s initial development information on the Bitcoin marketplace is a significant move forward for the company. Furthermore, Coinsilium has expanded its business activities in order to promote the growth of NFTs. He also said that Coinsilium believes that the NFT on Bitcoin growth by Nifty Labs and Indorse is headed in the right direction and will play a significant role in determining the NFT’s progress.
NFT on Bitcoin is still in its infancy, and Indorse’s relationship with Coinsilium is based on its experience and expertise in complex smart contracts design.
Comments of Diego Gutierrez Zaldivar
There is no other technology that supports the digital asset environment and blockchain as well as NFTs, according to Diego Gutierrez Zaldivar, CEO of IOV Labs (RSK’s parent company). NFT’s use cases, such as virtual property ownership, digital art, gaming, music, 3D avatars, sports, and more, are rapidly expanding. He also mentioned that the current NFT landscape is just a warm-up for countless new opportunities and possibilities. The decision that Coinsilium has taken to work with RSK to build NFT on Bitcoin is both more than just exciting and thrilling. It’ll undoubtedly empower RSK to become one of the most powerful players in the NFT-dominated economy of the future.
NFT on Bitcoin: RSK-Powered Marketplace
RSK (Rootstock) is known to be the world’s safest smart contract platform. It is (secured by Bitcoin Network), and currently, it’s worth 1,445 BTCs in TVL (Total Value Locked) terms, surpassing LN (Lightning Network). This achievement exemplifies users’ dedication to the De-Fi community (Decentralized Finance). It’s important to remember that the recent increase in RSK is in part due to the launch of the Sovryn DEX (Decentralized Exchange). Moreover, the Sovryn DEX network, which was released in April 2021 with $9 million in funding, was created to assist Bitcoin layer two platforms.
The RSK network has more than 259,000 transactions, and it flaunts over 50,000 active accounts as well, according to recent statistics. Furthermore, during the month of April, the network hit 72 percent of hashing power which is an all-time high number. Over the last two months, the RSK De-Fi network has seen a large increase in the number of integrations and solutions as well.
rDai on RSK is No Less than an Opportunity, Especially for DAI Fans
As previously mentioned, one of the most important factors driving RSK RIF (Rootstock Infrastructure Framework) economic growth is the increase in the TVL BTC on RSK. RIF is a decentralized protocol suite that enables developers to build modular, simpler, scalable, and faster DApps (Decentralized Apps). Additionally, it is less expensive than Ethereum, giving DAI users a window of opportunity.
What is DAI?
DAI is a stable coin whose value is strongly bound to the price of the dollar. Since it is a stable coin, it appeals to consumers in the vast world of increasingly volatile digital currencies. DAI is built on Ethereum and runs on smart contracts that hold its price as close to 1 US dollar as possible. MakerDAO is the company in charge of DAI, and it provides the MKR token, which is entirely controlled by the users. It’s worth noting that MakerDAO and DAI were among the first DApps to reach the mass adoption stage.
As mentioned earlier, DAI is based on Ethereum, but the cost of Ethereum transactions is astronomically high. Many users have also said that they have been paid up to 1,000 USD for a single transaction. Furthermore, transaction fees in the hundreds of dollars are becoming more common. As a result, a growing number of developers are transitioning to layer two blockchains or preparing to do so in the near future in order to achieve lower transaction costs and faster transaction speed.
rDAi on RSK is More Advantageous than You Think
There are currently over 76 million DAI in circulation, indicating the power of the DAI community. Because of its stability, the majority of the community’s users want to keep using DAI. That’s where Redeemable DAI or rDAI comes into play, a cryptocurrency that runs on the RSK protocol rather than Ethereum and is still pegged to the DAI. RSK transaction costs aren’t even fractional as opposed to Ethereum transaction costs (more than 100 times cheaper sometimes). The single transaction rate of rDAI is usually 0.15c, which is 80 times less expensive than the Ethereum transition.
rDAI also has other advantages, such as allowing users to gain a return on their investments by investing in a pool of collateralized loans. Simply put, the sum of DAI that users have when they join the pool will remain the same.
Another great feature of rDAI to keep in mind is that it is a fungible ERC-20 token. It means that users can make transactions with any crypto wallet they want. Since rDAI is a fungible token, users can send any amount anytime to any crypto wallet, and they’ll still be able to withdraw at a 1:1 ratio.